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Immutep Ltd (IMM) fair value: what the stock is really worth

As of Nov 13, 2026: fair value (intrinsic value) of Immutep Ltd stock A$0.02, price A$0.03, that is 3.6% below the price, quality 44 out of 100. Rating: fairly valued. The value is an estimate: none of our valuation models currently carries, it draws on revenue and assets compared with similar companies. Updated daily.

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Healthcare AU · ISIN AU000000IMM6

IL Immutep Ltd logo Thin data Nov 11, 2026

Immutep Ltd

IMM · AU

The stock is already about fairly priced, weak company and price moving sideways: meets none of the 3 rules.

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Low debt 
Ranks above peers (6/9) 
Fair value A$0.0241 · Fairly valued 
Quality 44/100 
Price moving sideways (no uptrend) 
Mixed Growth (revenue 5y +30.4 %/yr in AUD) 
Negative free cash flow 
Narrow moat 10/100 · thin data
Thin data 
Estimate
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

A$0.6828 A$0.0210 Fair Value A$0.0241 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 11, 2026.

How to read this chart

60‑month range A$0.0210 – A$0.6828 · fair‑value band A$0.0226 – A$0.0256 · the A$0.0250 price screens above the A$0.0241 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 11, 2026.

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Company profile

Immutep Limited, a biotechnology company, engages in developing novel Lymphocyte Activation Gene-3 related immunotherapies for cancer and autoimmune diseases in Australia.

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Its lead product candidate is the eftilagimod alfa (efti or IMP321), a soluble LAG-3lg fusion based on LAG-3 immune control mechanism for the treatment of different types of cancers.

The company's product pipeline also includes TACTI-004, which is in phase III clinical trial for the treatment of first line non-small cell lung cancer (1L NSCLC); TACTI-003, which is in phase IIb clinical trial to treat first line head and neck squamous cell carcinoma (HNSCC); INSIGHT-005 which is in phase I for metastatic urothelial carcinoma; TACTI-002, which in phase II trial for the treatment NSCLC and HNSCC; AIPAC-003, which is in phase II/III clinical trial to treat metatastic breast cancer; and EFTISARC-NEO, which is in phase II clinical trial for the treatment of soft tissue sarcoma.

It also develops INSIGHT-003, which is in phase I trial 1L non squamous NSCL; INSIGHT-005 that is in phase I to treat metastatic urothelial cancer; IMP761, which is in phase I Trial to treat autoimmune disease; IMP731 for oncology and autoimmune diseases; and LAG525.

Immutep has collaboration with Merck & Co., Inc., EOC Pharma, Novartis, and Laboratory Corporation of America Holdings. The company was formerly known as Prima BioMed Ltd and changed its name to Immutep Limited in November 2017. The company was incorporated in 1987 and is based in Sydney, Australia.

Stock analysis

Immutep Ltd (IMM) currently trades at A$0.0250, while our estimate is A$0.0241, so the stock looks roughly fairly valued today (gap 3.7%).

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Valuation

None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Scenario range: A$0.0226 (bear) to A$0.0256 (bull), the price of A$0.0250 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 44/100 (below-average quality), in the Healthcare sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Immutep Ltd reported revenue of A$14.6M in FY2026 versus A$170K in FY2022, a compound +204.0%/yr. Reported net income was −A$79.3M in FY2026.

Key figures

Market cap A$36.8M (≈ $25.1M) Micro · P/S ratio 1.77 · EPS (TTM) A$−0.0700 · Return on equity −77.3% · Return on assets (EBIT) −58.6% (5-year average) · Operating margin −256% · Revenue (TTM) A$19.9M · Revenue growth (YoY) +634%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 10 out of 100 (low confidence).

What moves the price

The share trades about 95% below its 52-week high and 19% above its 52-week low.

For context, the median of 10 Healthcare peers we cover trades at −7% fair-value upside, at −4%, IMM screens cheaper than that median.

Fair Value

Bear A$0.0226 Fair Value A$0.0241 Bull A$0.0256
Price A$0.0250 · Downside -3.6%
Estimate. None of our valuation models currently carries for this company, usually because of losses or heavy investment. The estimate draws on revenue and assets compared with similar companies and is less precise than a model-based fair value.

Quality Score breakdown

Overall quality 44/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 6
How much profit the company makes from its sales and capital
Quality Growth 80
Are margins and returns getting better?
Cashflow 4
Do the profits arrive as real cash?
Financial strength 74
Debt, balance sheet and risk of trouble
Investment 100
Does it invest with discipline instead of growing at any price?
Low Volatility 0
How calm the share price moves, does not count
Price momentum 0
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 1
Distance to the 52-week high, does not count
New shares 34
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 36/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+188.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+60.7%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+30.4%
Start year 2021 (pandemic)
Revenue growth 26 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+25.2%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−608.9% (2021) → −576.2% (2026)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2026 is a loss year, no rate is defined from a loss
not computed

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Compare Immutep Ltd with another stock

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Biotechnology · 848 stocks

Beats the industry median on 5/7 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 44 · Above median
Fair Value upside −3.6% · Top 25%
Profitability
Return on assets −95.2% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 633.5% · Top 25%

Valuation Multiplesvs Biotechnology median · lower = cheaper

P/B 0.60× · Cheapest 25%
P/S (12 months) 1.85× · Cheapest 25%
PEG 1.39× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)29 · sector 0
FUTURE (revenue growth)100 · sector 0
PAST (return on equity)0 · sector 0
HEALTH (low debt)100 · sector 96
DIVIDEND (yield)0 · sector 20

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Biotechnology stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Regeneron Pharmaceuticals, Inc REGN $951.19 $1,275 +34% vs IMM
Vertex Pharmaceuticals Incorporated VRTX $542.62 $602.68 +11% vs IMM
Genmab A/S GMAB kr 3,530 kr 3,917 +11% vs IMM
Samsung Biologics Co 207940 1,449,000 KRW 1,573,000 KRW +9% vs IMM
argenx SE ARGX $981.33 $908.40 −7% vs IMM
CSL Limited CSL A$202.92 A$183.54 −10% vs IMM
Moderna, Inc MRNA $231.35 $139.99 −39% vs IMM
BeOne Medicines AG 6160 HK$255.80 HK$152.80 −40% vs IMM
Celltrion, Inc 068270 209,500 KRW 74,945 KRW −64% vs IMM
Royalty Pharma plc RPRX $68.97 $19.01 −72% vs IMM

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Immutep Ltd: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Immutep Ltd Fair Value". https://www.fairvalue-calculator.com/stock/IMM

Frequently asked questions

Is Immutep Ltd (IMM) overvalued or undervalued?
As of Nov 11, 2026, our estimate of fair value is A$0.0241 versus a price of A$0.0250, about 4% lower (fairly valued).
What is the fair value of IMM?
Our estimate for Immutep Ltd is A$0.0241 (as of Nov 11, 2026), built from audited fundamentals. The current price: A$0.0250.
What is the quality score of IMM?
Immutep Ltd has a Quality Score of 44/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Immutep Ltd (IMM)?
Our calculated price target is the estimate of A$0.0241 (as of Nov 11, 2026). Cautious scenario A$0.0226, optimistic scenario A$0.0256. It is an estimate from revenue and assets compared with similar companies, because none of our valuation models currently carries, not an analyst target.
What is the Immutep Ltd stock forecast for 2026?
Our estimate puts fair value at A$0.0241, about 4% lower versus a price of A$0.0250 (fairly valued). Cautious scenario A$0.0226, optimistic scenario A$0.0256. The calculation is refreshed regularly with new filings.
What is the revenue of Immutep Ltd (IMM)?
Immutep Ltd reported trailing-twelve-month revenue of about A$19.9M (latest available figure, as of Nov 11, 2026).
What is the intrinsic value of Immutep Ltd (IMM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Immutep Ltd it is A$0.0241 per share (as of Nov 11, 2026), against a price of A$0.0250.
Is Immutep Ltd stock overvalued or undervalued in 2026?
As of Nov 11, 2026, IMM trades above its calculated fair value: price A$0.0250, fair value A$0.0241, a gap of about −4% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of IMM?
No. The price is what the market pays today (A$0.0250); the fair value is what the company's own numbers justify (A$0.0241). For Immutep Ltd the two are A$0.0009 per share apart. That gap is exactly why we show both numbers side by side.
How much is Immutep Ltd worth?
The market values Immutep Ltd at about A$36.8M (market capitalisation, as of Nov 11, 2026). Per share that is A$0.0250; our models calculate a fair value of A$0.0241 per share.
What do the bullish and bearish scenarios say about IMM?
Our models span a range for Immutep Ltd: cautious scenario A$0.0226, base A$0.0241, optimistic A$0.0256 per share (as of Nov 11, 2026, price A$0.0250). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of IMM?
The PEG ratio of Immutep Ltd is 1.39 (P/E divided by earnings growth, as of Nov 11, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Immutep Ltd (IMM)?
Balance-sheet figures for Immutep Ltd (as of Nov 11, 2026): return on equity −77.3%. They feed the Quality Score of 44/100, which measures business quality independently of the share price.
How far is IMM from its 52-week high?
Immutep Ltd trades at A$0.0250, about 95% below its 52-week high of A$0.4600 and 19% above the low of A$0.0210 (as of Nov 13, 2026). Distance from the high says nothing about value: that is what the fair value of A$0.0241 is for.
Which stocks are comparable to Immutep Ltd?
From the same area (Healthcare) we also value Vertex Pharmaceuticals Incorporated, Moderna, Inc, Regeneron Pharmaceuticals, Inc, CSL Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Immutep Ltd stock attractive at the current price?
The data as of Nov 11, 2026: price A$0.0250, calculated fair value A$0.0241 (−4%), Quality Score 44/100. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
Is it still worth investing in stocks now?
The global stock market currently sits 14.3% above its aggregate fair value. Immutep Ltd itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Immutep Ltd (IMM)?
The closing price on Nov 13, 2026 was A$0.0250. Our estimate is A$0.0241, about 4% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Immutep Ltd right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. The models converge in a tight band (A$0.0226 to A$0.0256), unusually little disagreement for a valuation. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Immutep Ltd

How large is the market capitalisation of Immutep Ltd (IMM)?
The market capitalisation of Immutep Ltd is A$36.8M (≈ $25.1M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Immutep Ltd (IMM)?
The price-to-sales ratio of Immutep Ltd is 1.77 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Immutep Ltd (IMM)?
Earnings per share at Immutep Ltd are A$−0.0700. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Immutep Ltd (IMM)?
The return on equity (ROE) of Immutep Ltd is −77.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Immutep Ltd (IMM)?
On an EBIT basis the return on assets of Immutep Ltd is −58.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Immutep Ltd (IMM)?
The operating margin of Immutep Ltd is −256% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Immutep Ltd (IMM)?
Revenue at Immutep Ltd is growing +634% versus a year earlier (3y avg +60.7%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How much free cash flow does Immutep Ltd (IMM) generate?
The free cash flow of Immutep Ltd is −A$55.6M (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Immutep Ltd (IMM) hold?
Immutep Ltd holds more cash than debt, A$67.8M net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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